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Company name

Ceripen Trade S.A.

Project number

12518-01

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Uruguay

Sector

Tourism

Status

Inactive

Disclosed date

08/31/2020

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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09/30/2020

Approval date

N/A

Signed date

N/A

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

USD $ 13,813,000

Financing amount

USD $ 27,627,300

Currency

USD

Project scope and objective

Ceripen Trade S.A. (the "Borrower") is a special purpose vehicle established for the development, construction and operation of a fair ground and convention center of approximately 48,000 m2 in Roosevelt Park in Canelones, Uruguay (the "Project" or "Forum Uruguay"). The Project will be located in a land of approximately 30 hectares given in concession for 50 years, based on the provisions of the International Public Tender 100/2017 of the Municipality of Canelones.



The Project will be developed by Ebital S.A. ("Ebital"), a Uruguayan construction company with long experience in the construction of large projects, such as Carrasco International Airport, Tower 4 of the World Trade Center and the Nuevo Centro shopping center. Forum Uruguay will be operated and marketed by Feria Valencia, the oldest event organizer in Spain and operator of one of the ten largest venues in the world.



The total cost of the Project will be U$S69.0 million and will be financed with a combination of equity, IDB Invest debt and a co-lender. IDB Invest will provide a loan of up to U$S27.6 million. The proposed loan will be structured as a senior secured loan with a tenor of 12 years.



The proposed financing is aligned with IDB Invest’s mandate, as it contemplates a "greenfield" sustainable tourism transaction, and from Canelones contribute to the expansion of the tourism sector in this department and in the metropolitan area of ​​Montevideo. Additionally, the Project is expected to result in an economic stimulus effect through the increase in the number of visitors, tourist expenses, and benefits in the economic environment (including transportation, hotels, culture and gastronomic tourism).


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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

ENVIRONMENTAL AND SOCIAL REVIEW

62.2 Kb

Client files

This section provides the key environmental and social assessment documents produced by the client for this project.

FORUM URUGUAY-ENVIRONMENTAL AND SOCIAL ACTION PLAN.PDF

113.5 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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